Craig Wright, the chief scientist of blockchain firm nChain, has indicated that one day Bitcoin could emerge as a major system of making any kind of digital and automated payments for subscription services, which will turn similar to Patreon. When asked by a popular YouTuber in the country, ‘Philosophie Workout’ whether it would be a great possible way to transact, pay for subscription services such as Patreon on a regular basis, Craig Wright has answered affirmatively. According to Craig, this would require the use of smart contracts. Craig said that, “What we need are people making or creating new applications, new formats and new smart contracts, the chief scientist of nChain then added that with pre-signed transactions on Bitcoin, for subscribers it is possible to automate the transactions or payments that they need to make to subscription services that allowing many of the content creators, so that it would benefit from work”
Why not?
Craig Wright has also dismissed the statements of the people, who have previously said that this is an impossible task. Even though people still say that it can’t be done. But nothing is impossible, so of course, it can be possible. One just needs to have a new and a different template. I personally need to have one where it is signed to you, so I pay 0.1 BTC every month or I can have an amount which is tokenized amount of US dollars that get paid to bitcoin, or that is paid to you. Everything is possible in this universe, but the proper and perfect start that someone has to initiate just needs to start thinking that they are allowable and possible.
Nevertheless, this can happen within or less than a month since Santoshi Vision of Bitcoin (SV), which is backed by Craig Wright, split from Bitcoin Cash. The chief scientist of nChain has indicated that the two years this Bitcoin Santoshi Vision, will be soon to be processed as a huge terabyte (TB) sized blocks. Wright prefers scaling solution, by increasing these block sizes, has been a vehemently opposed to other workarounds such as Lightning Network that take transactions off the chain.
Lightning Network’s Routing Problem:
In November, Wright has criticized Lightning Network and has claimed that the major weakness of scaling solution, which will surface into much better in the upcoming year 2019. On AIR, during a live show of a radio network, Wright has accused the proponents of the Lightning Network by ignoring the routing problem, especially has an essentially low success rate for the transactions, as the amount gets higher. It’s an easy way to put in; Wright meant that most of them were kept ignoring the fact that the technical routing problem is insurmountable. None can get around it and could get worse than that since it has a humongous flaw which might be discovered in the coming year. According to the reports of Diar, a major digital assets newsletter, there is a technical routing problem in the Lightning Network, that has received a prominent media coverage during the mid months of the year 2018. According to the research and studies, the technical routing problem is that, while transacting or making a payment of a few dollars the probability of success is 70%, while when the amounts are under 200%, the probability of success falls dramatically to 1%.
